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ATAI Life Sciences N.V. (ATAI)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 delivered minimal license revenue and a wider net loss driven by negative fair value marks; net loss was $39.0M (EPS: -$0.24) vs. $18.3M (EPS: -$0.12) in Q4 2023 and $26.3M (EPS: -$0.16) in Q3 2024 .
  • Estimates context: Third-party consensus (non-SPGI) cited EPS at -$0.14 and revenue at $0.30M; actual EPS -$0.24 and revenue -$0.005M, a miss on both metrics; S&P Global consensus was unavailable due to access limits .
  • Guidance shifts: Phase 2 topline for VLS-01 and EMP-01 moved from “around YE’25” to Q1’26; cash runway extended from “into 2026” to “into 2027” post equity raise ($59.2M net proceeds) .
  • Stock reaction catalysts: Runway extension into 2027 and multiple 2025–2026 data catalysts (BPL-003 mid-2025; RL-007 mid-2025; VLS-01 and EMP-01 Q1’26) likely to drive narrative despite Q4 operating loss profile .

What Went Well and What Went Wrong

What Went Well

  • Initiated key Phase 2 programs: first patient dosed in VLS-01 Elumina (TRD) and EMP-01 (SAD) Phase 2 started; topline for both anticipated Q1’26. “We are beginning the year in a strong financial position... topline data readouts... in Q1’26” — CEO Srinivas Rao .
  • Strategic milestone with Beckley Psytech: Phase 2b TRD study completed enrollment; mid-2025 topline expected; AUD Phase 2a open-label showed sustained reductions and 50% complete abstinence at 12 weeks .
  • Liquidity strengthened: February 2025 equity offering ($59.2M net) extended runway into 2027, adding flexibility to execute across Phase 2 programs .

What Went Wrong

  • Estimate misses: EPS (-$0.24) vs. consensus -$0.14 and revenue (-$0.005M) vs. $0.30M; S&P Global data unavailable, third-party indicates misses on both metrics .
  • Operating results and fair value impacts: “Other income (expense), net” was -$8.9M in Q4, contributing to the widened net loss; FY 2024 included $48.9M non-cash decrease in fair value of assets and liabilities .
  • Timelines slipped: VLS-01 and EMP-01 toplines pushed from “around YE’25” to Q1’26, extending catalyst timing for core wholly owned programs .

Financial Results

MetricQ4 2023Q2 2024Q3 2024Q4 2024
License Revenue ($USD Millions)$0.018 $0.273 $0.040 -$0.005
R&D Expense ($USD Millions)$14.156 $12.605 $12.377 $18.942
G&A Expense ($USD Millions)$19.423 $13.397 $10.265 $11.318
Total Operating Expenses ($USD Millions)$33.579 $26.002 $22.642 $30.260
Net Loss Attributable to ATAI ($USD Millions)-$18.292 -$57.312 -$26.286 -$38.958
Diluted EPS ($USD)-$0.12 -$0.36 -$0.16 -$0.24
Cash & Cash Equivalents ($USD Millions, period-end)$45.034 $19.333 $29.963 $17.505

Estimates vs. Actuals (Q4 2024):

MetricConsensusActualBeat/Miss
EPS ($USD)-$0.14 -$0.24 Miss (-$0.10)
Revenue ($USD Millions)$0.30 -$0.005 Miss (-$0.305)

KPIs and Operating Items (Q4 2024):

KPIValue
Other income (expense), net ($USD Millions)-$8.919
Weighted Avg Shares (Millions)160.712
FY Non-cash decrease in fair value of assets/liabilities ($USD Millions)$48.9

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCorporate“Into 2026” “Into 2027” (post $59.2M equity raise) Raised/Extended
VLS-01 (TRD) Phase 2 ToplineClinical Milestone“Around YE’25” “Q1’26” Deferred (pushed ~1 quarter)
EMP-01 (SAD) Phase 2 ToplineClinical Milestone“Around YE’25” “Q1’26” Deferred (pushed ~1 quarter)
R&D Spend DirectionFY 2025+Anticipated to increase with later-stage trials Anticipated to increase with later-stage trials Maintained
G&A Spend DirectionFY 2025+Reduction vs. prior years expected to continue Reduction vs. prior years expected to continue Maintained
BPL-003 (TRD) Phase 2b ToplineClinical Milestone (Investment)Q2’25 Mid-2025 Maintained (timing clarification)
RL-007 (CIAS) Phase 2b ToplineClinical Milestone (Investment)Mid-2025 Mid-2025 Maintained

Earnings Call Themes & Trends

Note: An earnings call transcript for Q4 2024 was not available in the document system or via our searches; the table below reflects press release themes and program updates.

TopicPrevious Mentions (Q2 2024)Previous Mentions (Q3 2024)Current Period (Q4 2024)Trend
AI/Technology InitiativesAI/ML-informed design of non-hallucinogenic 5-HT2AR agonists program AI/ML-informed design continued, data presented at SfN Program advancing; continued discovery focus Stable focus; ongoing execution
Regulatory/Clinical Progress (VLS-01)Positive Phase 1b; Phase 2 initiation targeted YE’24 FDA cleared IND; Phase 2 initiation targeted YE’24 First patient dosed in Phase 2; topline Q1’26 Advancing; timeline extended
Regulatory/Clinical Progress (EMP-01)Phase 2 in SAD targeted YE’24 Phase 2 initiation on track YE’24 Phase 2 initiated; topline Q1’26 Advancing; timeline extended
Strategic Investments (BPL-003)Phase 2b TRD enrollment trajectory; AUD program noted TRD Phase 2b topline Q2’25 TRD Phase 2b enrollment completed; topline mid-2025 On track
Liquidity/RunwaySufficient into 2026 Sufficient into 2026 Extended into 2027 after $59.2M net raise Improved runway
Opex DisciplineR&D to increase with later-stage trials; G&A reductions R&D increase anticipated; G&A reductions continue Same directional guidance maintained Consistent

Management Commentary

  • “We are beginning the year in a strong financial position, thanks to the recent capital raise, which extends our runway into 2027, beyond when we expect the topline data readouts from the Phase 2 clinical trials of our two core programs, VLS-01 and EMP-01, in Q1’26” — Srinivas Rao, M.D., Ph.D., CEO .
  • “Our team is focused on executing these trials rigorously and efficiently to drive forward our mission to transform patient outcomes in mental health. We also look forward to... Beckley Psytech’s BPL-003 Phase 2b topline results... as well as RL-007... both expected mid-2025” .
  • Q3 tone on pipeline momentum: “We are on track to initiate Phase 2 trials for VLS-01 and EMP-01 around year-end...” highlighting late-2024 initiation targets .

Q&A Highlights

  • An earnings call transcript for Q4 2024 was not located; no Q&A highlights could be extracted. We searched company IR and third-party repositories but found no transcript for Q4 2024 within the window specified.

Estimates Context

  • S&P Global Wall Street consensus data was unavailable due to access limits at the time of this analysis.
  • Third-party data indicates consensus EPS of -$0.14 vs. actual -$0.24 (miss of -$0.10) and consensus revenue of $0.30M vs. actual -$0.005M (miss of -$0.305M). Results likely prompt downward revisions to near-term revenue assumptions and cautious EPS trajectories given the fair value swings and limited top-line contribution .

Key Takeaways for Investors

  • Runway extended into 2027 following a $59.2M net equity raise, de-risking execution across two core Phase 2 programs and providing flexibility ahead of multiple mid-2025 and Q1’26 data readouts .
  • Both VLS-01 (TRD) and EMP-01 (SAD) Phase 2 toplines moved from YE’25 to Q1’26; the push modestly delays catalysts but concentrates news flow in early 2026 while BPL-003 and RL-007 remain mid-2025 events .
  • Q4 losses widened on negative other income/expense; continue to monitor fair value marks and potential variability from investment holdings impacting bottom-line (non-cash) .
  • Operating discipline intact: G&A reduction trajectory maintained; R&D expected to rise with later-stage trial activity—plan for higher burn in 2025–2026 aligned to trial progress .
  • The absence of meaningful revenue highlights the binary nature of upcoming clinical readouts as primary stock drivers; watch BPL-003 TRD topline (mid-2025) and RL-007 (mid-2025) for near-term sentiment shifts .
  • Near-term trading: Expect sensitivity to financing, regulatory, and data catalysts; medium-term thesis hinges on Phase 2 outcomes for VLS-01 and EMP-01 translating into pivotal pathways and scalability in interventional psychiatry settings .
  • Tactical: If consensus (SPGI) later confirms current third-party misses, positional risk management around data dates and funding windows remains prudent given the development-stage profile and fair value volatility .